Made.com staff are set to be hit with job cuts and the possible sale of the company, as it warns that losses will worsen.
The company’s supply chain has been hit by soaring costs and the UK’s rampant inflation has hampered consumer confidence, the furniture company said.
It confirmed it would cut costs by laying off employees within the next few weeks.
Made stated that the review of employee numbers will take place “within the next few weeks,” but it is unknown how many employees will be affected by the cull.
It comes after the Financial Times reported that the company could lay off up to 35 percent of its workforce.
The company has also hired PwC advisers to assist with a potential sale of the company, just a few months after issuing a profit warning and lowering its sales and earnings forecast for this year.
The company expects a core loss of £50m to £70m, up from a loss of £15m to £35m previously predicted.
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Chief executive Nicola Thompson said: “Made is not alone in being hit by problems in the supply chain and the cost-of-living squeeze but we are taking actions to ensure our continued success, supported by our strong brand, an excellent product range and a large and loyal customer base in multiple markets.”
Source: Retail Gazette